For the current year, a company with a DB plan has service cost $113,010; benefits paid $75,340; and loss on PBO of $37,670. Assuming an ending PBO of $485,943 and interest rate of 9%, the beginning PBO balance was ABC reports the following year-end balances: deferred tax asset $68,600; deferred tax liability $49,000; valuation allowance $30,184. The year-end balance sheet will include a net deferred tax liability of For the year, ABC has taxable income $435,000. At year-end, ABC calculated an increase in a deferred tax asset of $36,250 and an increase in a deferred tax liability of $34,250. Assuming a tax rate of 25%, income tax expense is